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Lowe's Cos. Inc., based in Mooresville, is working on a plan to improve against Atlanta-based Home Depot.

Carla Caldwell, Morning Call Editor

Lowe’s has trailed Atlanta-based The Home Depot for 11 quarters in same-store sales and frankly doesn’t want to take it anymore, reports Reuters. To win shoppers, Lowe’s, the country’s No. 2 retailer, is investing in in-store technology, working to improve online business and is looking at more acquisitions to boost sales.

"We recognized that a lot of our ills aren't just housing-related or macro-related, just some things we needed to fix ourselves," Robert Hull, who has served as Lowe's (NYSE:LOW) chief financial officer since March 2003, told Reuters on Tuesday.

Hull said his Mooresville-based company's online business has accounted for about 1 percent of sales, but could easily bring in 5 percent to 10 percent of sales in five years.

Hull also sees opportunity for 100 stores in Canada, up from 31 now, which are mostly in Ontario.

Investors have suggested that Lowe’s buy Canadian rival Rona, if the company is put up for sale. Rona was once the dominant store in Canada, but has suffered at the hands of Lowe’s and Home Depot (NYSEHD).

When asked by Reuters about Rona, Hull said it is a "very interesting company,” adding that it has a footprint in Quebec, where Lowe's has hardly any presence for now.

In the U.S., Lowe's has shifted from promotions to more everyday low prices, has launched iPad and iPhone apps, is offering more localized products, has improved signage, and has added television displays that stream videos that provide instruction for do-it-yourself projects, Reuters reported.

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